Series 63 practice questionmediumIAR Moving States — Place of Business
An IAR of a federal covered adviser relocates to State M and regularly conducts advisory work from a home office there, while keeping all clients in State N. Which statement is accurate?
- ARegistration is required in both State M and State N.
- BRegistration is only required in State N.
- CRegistration is not required in State M if no clients are solicited there.
- DRegistration is required in State M because the IAR now has a place of business there.✓ Correct answer
Explanation
Why D — Registration is required in State M because the IAR now has a place of business there.
The IAR's State M home office is a place of business because advisory work is regularly conducted there. An IAR of a federal covered adviser may be required to register in a state where the IAR has a place of business even if the clients are located elsewhere.
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